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[Cites 0, Cited by 0] [Section 71] [Entire Act]

Union of India - Subsection

Section 71(4) in Income Tax Rules, 1962

(4)In respect of withdrawals referred to in sub-rules (2) and (3) and of the amount referred to in clause (viii) of sub-rule (2) or clause (viii) of sub-rule (2A) or the second proviso to sub-rule (2B) of rule 69, interest shall be paid in accordance with the following Table :-
1 2
Where the amount is repaid in not more than 12monthly instalments One additional instalment of 4% on the amountwithdrawn
Where the amount is repaid in more than 12monthly instalments but not more than 24 monthly instalments Two additional instalments of 4% on the amountwithdrawn
Where the amount is repaid in more than 24monthly instalments but not more than 36 monthly instalments Three additional instalments of 4% on the amountwithdrawn
Where the amount is repaid in more than 36monthly instalments but not more than 48 monthly instalments Four additional instalments of 4% on the amountwithdrawn
Where the amount is refunded under clause (viii)of sub-rule (2) of rule 69 4% of the amount which is refundable :
Provided that at the discretion of the trustees of the fund, interest may be recovered on the amount aforesaid or the balance thereof outstanding from time to time at one per cent above the rate which is payable for the time being on the balance in the fund at the credit of the employee.